Pebblebrook Hotel Trust (NYSE: PEB) has announced a proposed offering of $350 million aggregate principal amount of senior notes due 2029. The net proceeds from the offering are intended to be used to pay down unsecured term loans and repurchase a portion of the company's convertible senior notes.
The notes will be initially fully and unconditionally guaranteed by the company and the operating partnership's subsidiaries. They have not been and will not be registered under the Securities Act of 1933, any state securities laws, or the securities laws of any other jurisdiction.
In the press release, Pebblebrook Hotel Trust emphasizes that this is neither an offer to sell nor a solicitation of an offer to buy the notes or any other securities, and it shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, the notes or any other securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful.
The company also included forward-looking statements related to the offering of notes and the use of proceeds from the offering.
It's important to note that the offering is subject to market conditions and other factors, and the notes will be offered and sold only to qualified institutional buyers pursuant to rule 144A under the Securities Act and to certain non-U.S. persons in offshore transactions outside the United States pursuant to Regulation S under the Securities Act. Today the company's shares have moved -2.4% to a price of $13.96. For more information, read the company's full 8-K submission here.
